How the Ukraine crisis ends

Vladimir Putin does not think in the way the West does. Of course sanctions will hurt. But so what? He may be wrong in his strategic calculations, but he is not, as Boris Johnson claimed over the weekend, irrational. Putin is an old-school strategist. This is one of the reasons that sanctions will not have the desired impact. An import ban on Russian gas would definitely hurt the Russian economy, but that seems highly unlikely. Italian President Mario Draghi said on Friday that we should not touch gas. It is now the guy who sits in Moscow, rather than Draghi, who is willing to do ‘whatever it takes’. An import ban on the latest iPhones does not have the same deterrent effect as a continental gas shortage. Don’t fool yourself about the impact of sanctions.

Then there is the related problem of when to launch sanctions. The Ukrainian foreign minister has now called on the West to start the sanctions immediately because Russia is already shelling Ukraine.